Ormat Technologies downgraded to Hold from Buy at Jefferies

Jefferies downgraded Ormat Technologies (ORA) to Hold from Buy with a price target of $130, up from $125. While “bullish” on geothermal given PPA inflation and power demand themes in the U.S., for Ormat the firm thinks much of the EGS and data-center upside is already reflected in shares, the analyst tells investors. The firm remains bullish on Ormat’s long-term trajectory, with geothermal expansion supported by rising U.S. demand for baseload power, but it finds valuation “challenging” at current share levels as value increasingly shifts toward the Development platform.